Video compression systems are becoming more and more useful in various applications. For example, video compression is often used to encode video information for storage on digital versatile disks (DVDs) or hard disk drives (HDDs). As another example, video compression is often used during real-time streaming of multimedia content over a network, such as the Internet.
Conventional video compression systems often attempt to encode video information at a target or desired bit-rate. These systems typically have difficulty identifying an appropriate target bit-rate for specific video information. As a result, the conventional video compression systems are often unable to effectively compress video information.